Miami-Dade County Industrial Market Report (Q4 2020)8 Feb 2021
Miami’s industrial market ended the year on strong footing as demand from e-commerce users continued to fuel leasing activity during the fourth quarter. Net absorption rounded out the year in positive territory at 1.6 million sf, with the strongest growth in the Northeast Dade, Medley and Hialeah submarkets, where much of the new development has taken place. Overall vacancy rose by only 16 basis points (bps) over the year to 4.2% despite 1.8 million sf of new construction delivering to the market during 2020. Miami’s industrial market is well positioned for strong growth leading into 2021 as the onset of the pandemic further accelerated many trends already present including online ordering and grocery delivery, which are here to stay.